Saturday, October 11, 2008

Delphi Update-3

"Delphi Corp. won court permission Thursday to shift $3.4 billion in pension liabilities to former parent General Motors Corp., part of a deal that boosts GM's contribution to Delphi's bankruptcy reorganization to$10.6 billion. ... Under the pension agreement with GM, the auto maker will take $3.4 billion in pension liabilites, up from $1.5 billion under an earlier agreement", David McLaughlin at the WSJ, 26 September 2008.

Good. Now will anyone sue GM and its "independent" CPA firm Deloitte & Touche, as GM should have reflected Delphi's pension liabilities as its own all along. I await GM's 30 September 2008 Form 10-Q to see how GM accounts for this.

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